Adia among buyers of stake in Prudential’s Indian JV

British insurer Prudential has sold a 4.5 percent stake in its asset-management joint venture in India to a group of investors that includes Abu Dhabi Investment Authority (Adia).

Prudential offloaded its stake in ICICI Prudential Asset Management for 49 billion rupees (about $545 million) ahead of the Indian fund manager’s $1.2 billion IPO, a Reuters report said. 

The asset manager is a joint venture between ICICI Bank, which owns a 51 percent stake, and Prudential, which held the rest. Ownership details after the transaction were not disclosed. 

Adia, Abu Dhabi’s $1 trillion sovereign wealth fund, bought shares from Prudential along with the Indian family offices of Azim Premji and Rakesh Jhunjhunwala, SBI Life, HDFC Life and Go Digit General Insurance, the report said.

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Prudential is to sell a 10 percent stake in the IPO. ICICI Prudential Asset Management will issue no new shares. 

The listing is expected to take place on December 19.